Photo: Google Finance
The Dow, Nasdaq, and S&P 500 are all up slightly. Conglomerates are leading sectors, up 1.37% on the day while the consumer cyclical sector lags behind at -0.56%. The chart detailing the sectors was taken from Google Finance.Winners:
Legg Mason (LM): Up 7.5% — Legg Mason announced that it would be repurchasing notes from KKR, which will cost about $70 to $80 million.
Goodyear Tire & Rubber (GT): Up 5.7% — SAC Capital revealed a stake of 4.7 million shares in Goodyear, which has caused the stock to jump nearly 6%.
General Electric (GE): Up 3.6% — GE’s financial arm won approval to return profits to the parent company, which should allow GE to accelerate stock buybacks and raise dividends.
JC Penny (JCP) Down 15.7% — A very bad Q1 earnings report, in which JC Penny stated they undervalued the importance of coupons to their customers, has caused the stock to get smashed early today.
Abercrombie & Fitch (ANF): Down 11.9% — Abercrombie saw same store sales and profits plunge, and the stock is following suit.
Staples (SPLS): Down 7.3%—European sales declined for Staples, causing net income to slide to 27 cents per share from 28 cents per share a year ago.
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